According to a survey at 2:30 p.m. on March 5 (Vietnam time), WTI oil prices decreased by 0.2 USD/barrel (down 0.29%), down to 68.06 USD/barrel. Brent oil price increased slightly by 0.04 USD/barrel (up 0.06%), to 71.08 USD/barrel.
According to Reuters, oil prices recorded a decrease in the third session on Wednesday, as major producers expected to increase production in April. The combination of increased output and concerns about the impact of US tariffs on Canada, Mexico and China could slow economic growth and negatively affect fuel demand.
Yeap Jun Rong, market strategist at IG, commented: "Supply-demand fluctuations are creating a double impact. The uncertainty in tariffs risks slowing global growth, which leads to oil demand."
He added: "OPEC+ continues to increase production in April. Optimism about the ability to resolve the Ukraine-Russia conflict raises the prospect of supply from Russia returning to the market."
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decided on Monday to increase production for the first time since 2022.
This group will increase production by 138,000 barrels/day from April, marking the first step in a monthly increase plan to remove the cut order of nearly 6 million barrels/day, equivalent to nearly 6% of global demand.
25% tariffs on all imports from Mexico, 10% on energy from Canada, and a doubling of tariffs on Chinese goods to 20% have come into effect since Tuesday. The Trump administration has also imposed a 25% tariff on all other imports from Canada.
Economists see this as a possible reason for a decline in employment, slowing growth and rising prices, reducing demand. The slowdown in economic growth is expected to affect fuel consumption in the world's largest oil consuming country.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may decrease slightly.
In particular, the price of RON 95 - III gasoline is forecast to decrease by about 700-750 VND/liter; E5 gasoline decreases by about 680-720 VND/liter; Diesel oil decreases by about 600-650 VND/liter.
Domestic retail prices of gasoline and oil on March 4, 2025 are applied according to the adjustment session from 3:00 p.m. on February 27 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than 20,658 VND/liter.
RON 95-III gasoline is not more than VND 21,112/liter.
Diesel oil is not more than VND 18,957/liter.
Kerosene is not more than VND19,335/liter.
Mazut oil is not more than VND 17,615/kg.
